Liponex Inc. will be delisted from the Toronto Stock Exchange by the end of this week, and the closing of its $10-million merger with Gatineau's ImaSight is expected to occur tomorrow.

TSX announced Monday that the common shares of the biopharmaceutical company, which makes 'good cholesterol'-boosting drugs to treat heart disease, would be delisted on or around June 27. The company made a request to be delisted from the main board on May 23.

The company is currently in talks to merge with digital X-ray products maker ImaSight Inc. The boards and shareholders of both companies had already given the go-ahead to the merger, which would see Liponex buying all of the issued and outstanding shares of ImaSight by way of an amalgamation between ImaSight and a wholly owned subsidiary of Liponex formed for this purpose. Liponex's shareholders approved the deal on June 20.

"We're very happy about the approval of the merger by Liponex's shareholders and we look forward to the closing of the transaction," said Liponex CEO Bill Dickie in an interview.

Mr. Dickie said the company is "working very hard to get the deal closed as soon as possible," and barring any last-minute changes, the merger should be completed on June 24 as originally scheduled, he said.

Liponex - or the newly merged company which will be known as ImaSight if the deal goes through - has been conditionally approved for listing on the TSX Venture Exchange.

Mr. Dickie said the companies are expecting to announce something this week on when ImaSight's stock will begin trading on the junior board, but added that trading of the stock should be "seamless" through the transition from the main bourse to the junior exchange.

The company's current share price on the main TSX board is eight cents and share volume is 5,000.

Mr. Dickie said he will be leaving the company once the deal is closed, while founder and chief scientific officer Dr. Dan Sparks and the three other remaining Liponex employees will stay on at ImaSight.

OBJ was unable to contact ImaSight for comment at time of reporting.

For more information about the Liponex-ImaSight merger, click Liponex considers $10M merger with ImaSight.